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6:20 AM ET, February 23, 2022

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 Top News: 
Alex Weprin / The Hollywood Reporter:
Private equity firms Apollo and Standard General buy local TV giant Tegna, which owns 64 stations in 51 markets, for $5.4B, giving it a ~$8.6B valuation  —  Standard General and Apollo will pay $24 share for the company, which owns 64 stations in 51 markets.
Emily Atkin / HEATED:
Emily Atkin, who launched Heated with a $20K Substack advance in 2019, says the climate newsletter is going on hiatus as she takes “a big digital break”  —  Why HEATED is going on temporary hiatus.  —  I've been thinking a lot lately about resilience: the ability to remain strong in the face of difficulties.
Associated Press:
NBC's decision to spend $7.75B on Olympics rights through 2032 looks shaky after Beijing, a buzz-free, hermetically sealed event, saw viewers staying away  —  NEW YORK (AP) — There were many reasons to think NBC made a savvy business deal in 2014 when it locked up the American media rights …
RELATED:
Sara Fischer / Axios:
PwC: US consumer magazine industry's revenue shrank by 20%+ from 2016 to 2021, largely due to print ad declines; the decline is expected to continue but lessen  —  The U.S. consumer magazine industry shrunk by more than 30% in the past five years, due largely to print advertising declines, per PwC data.
Discussion: @sarafischer
Elsa Keslassy / Variety:
Netflix signs a three-year deal to invest 4% of its annual revenue in France, at least €40M, in French and European films that will premiere in French theaters  —  Netflix has signed a three-year agreement with French film guilds to invest a minimum of €40 million ($45 million) …
Sam Kille / Report for America:
Permanent community news funds, formed by community foundations working with local news leaders, are a major new trend for supporting local news  —  READ THE ‘COMMUNITY NEWS FUND’ REPORT  —  Report for America today released a report that identified a major new trend - the creation of …
Discussion: @report4america
Wall Street Journal:
Mexico's president calls reporters “mercenaries” and asks them to reveal their salaries over investigations of his son's use of an oil executive's $1M residence  —  In one of the biggest crises of his term, the president rails against media's reporting of possible conflict …
Ben Terris / Washington Post:
An update on some of the amateur sleuths, including Claude Taylor and Louise Mensch, who built large social media followings with unfounded claims about Trump  —  For years, the actor Tom Arnold occupied himself with a singular goal: ending Donald Trump's presidency.  And what does he have to show for it?
Brier Dudley / The Seattle Times:
Working paper: private equity firms, which in 2019 owned 23% of US newspapers, reduced local coverage more than other owners but drove more digital subscribers  —  A provocative new research paper confirms many of the fears about private equity firms buying up America's newspapers.
Katie Robertson / New York Times:
Polk Awards: The Washington Post, The New York Times, and The New Yorker win two awards each; WSJ's Facebook Files wins the business reporting prize  —  The Times was honored for coverage that revealed a plot behind the murder of the Haitian president and for investigations on the toll of America's air war in the Middle East.
 
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 More News: 
Andrew Kersley / Press Gazette:
BBC journalists Emily Maitlis and Jon Sopel leave and join Global to launch a podcast, host an LBC show, and provide commentary on the radio station's website
 Earlier Picks: 
Knight Foundation:
Knight Foundation will invest $3.2M over three years to help 26 Black-owned media outlets become financially sustainable
Ben Quinn / The Guardian:
After an acrimonious departure from GB News, Andrew Neil will host a 10-week show on Channel 4; Neil once described C4 as the “broadcasting arm of the Guardian”
James Fallows / Breaking the News:
After Dean Baquet dismissed criticism from “unnuanced voices on Twitter”, The New York Times urgently needs to re-hire a public editor to avoid future missteps